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India : STERLITE TECHNOLOGIES to raise Rs 500 crore via equity infusion from STANDARD CHARTERED PRIVATE EQUITY

July 8, 2014



A deal has been inked by Sterlite Technologies to raise Rs 500 crore via equity infusion from Standard Chartered Private Equity for funding its existing as well as new projects.

As per the report,"Sterlite Technologies has entered into agreements with Standard Chartered Private Equity for an equity investment of Rs 500 crore in Sterlite Power Grid Ventures Ltd (SPGVL)".

SPGVL would publish convertible securities to Standard Chartered Private Equity for a minority share.

SPGVL chairman Pravin Agarwal stated,"The proceeds will be used for equity contribution in existing as well as new power transmission projects. While there have been many foreign investments in the power generation sector, this would be the first foreign investment into India's power transmission sector.Through our initiatives in transmission, we endeavour to contribute to the new government's stated vision of providing 24X7 power to every Indian household". He further added that even though the country's generation capacity is increasing, there is a clear bottleneck in transmission and distribution sectors due to which many parts of the country are energy surplus while others remain power-deficient.


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Source: TendersInfo (India)


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